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Anyone had DAS then mortgage?
toots82
Posts: 69 Forumite
Hi all,
not been on here for ages. So, hubby and I have a DAS (I think basically a DMP but in Scotland. We started it in December and its going great it has to be said. Debt was around 35k, over 63 payments. We may come into the position next year where we can double the payments and get it away in 2 years, so will have taken 3 and a bit years....maybe slightly less when take away the fee that goes to Think Link every month (I know we could have done it other ways but this suit us). So my question is, if we pay it off quicker and defaults are settled, will we be able to find someone to give us a larger mortgage? Our house is worth high 90's and we have 60 left to pay, mortgage with Halifax, 10 years and no missed payments. Anyone have any experiences or advice?
not been on here for ages. So, hubby and I have a DAS (I think basically a DMP but in Scotland. We started it in December and its going great it has to be said. Debt was around 35k, over 63 payments. We may come into the position next year where we can double the payments and get it away in 2 years, so will have taken 3 and a bit years....maybe slightly less when take away the fee that goes to Think Link every month (I know we could have done it other ways but this suit us). So my question is, if we pay it off quicker and defaults are settled, will we be able to find someone to give us a larger mortgage? Our house is worth high 90's and we have 60 left to pay, mortgage with Halifax, 10 years and no missed payments. Anyone have any experiences or advice?
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Comments
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Most lenders will look at the defaults and AP markers and adjust heir risk criteria accordingly. In my opinion you'll struggle to get any credit for 2-3 years after the DAS/DMP is finished and mainstream mortgage lenders will not entertain for 5-6 years.
Why do you want to get a larger mortgage when you are stills struggling with financial handling? Get out of debt, recognise why it happened and adjust your lifestyle accordingly.0 -
Most lenders will look at the defaults and AP markers and adjust heir risk criteria accordingly. In my opinion you'll struggle to get any credit for 2-3 years after the DAS/DMP is finished and mainstream mortgage lenders will not entertain for 5-6 years.
Why do you want to get a larger mortgage when you are stills struggling with financial handling? Get out of debt, recognise why it happened and adjust your lifestyle accordingly.
I don't want to get a bigger mortgage whilst DAS is still running but would like to understand my options when its finished. I'm well aware of why this happened, its called a recession and being married to a tradesman who had his income slashed when the trades all suffered, add in a new baby and its a pretty transparent story. Due to varying circumstances such as kids getting older hence me being able to take on more hours etc we are able to see a financially stable future when this DAS is finished, its not a crime to look to the future but I "appreciate" your suggestions.0
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